SEC sues Institutional Shareholder Services over subpoena compliance

SEC Institutional Shareholder Services proxy advisers subpoena enforcement shareholder voting

The U.S. Securities and Exchange Commission (SEC) has filed a subpoena-enforcement action against Institutional Shareholder Services (ISS) in the U.S. District Court for the Eastern District of Pennsylvania. The regulator is seeking to compel the influential proxy adviser to turn over documents related to its proxy voting recommendations and voting activity.

The SEC's Division of Examinations began reviewing ISS in March, and the agency issued a subpoena on July 21 after ISS reportedly failed to fully comply with initial requests for data. The SEC maintains that the investigation is currently in the fact-finding stage and has not concluded that any federal securities laws were violated.

ISS has challenged the subpoena, citing First Amendment concerns. The firm argued that the request could expose both ISS and its clients to potential retaliation regarding their voting activity. This legal battle occurs amid increased scrutiny from the Trump administration regarding the oversight of proxy advisers, which provide research and recommendations to institutional investors on matters such as board elections and executive compensation.

Entities

Deutsche Börse Group · Donald Trump · Glass Lewis · Institutional Shareholder Services · Securities and Exchange Commission · U.S. District Court for the Eastern District of Pennsylvania

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] The SEC filed a subpoena-enforcement action against Institutional Shareholder Services (ISS) in the U.S. District Court for the Eastern District of Pennsylvania. losangelesweeklytimes.com · tribunadepetropolis.com.br · www.tekedia.com
[● 3 SOURCES] ISS has failed to fully comply with an administrative subpoena requesting data on its proxy recommendations and voting activity. losangelesweeklytimes.com · tribunadepetropolis.com.br · www.tekedia.com
[● 2 SOURCES] ISS argues that the subpoena raises First Amendment concerns and could expose the firm and its clients to retaliation. losangelesweeklytimes.com · www.tekedia.com
[● 3 SOURCES] The SEC's Division of Examinations began reviewing ISS in March. losangelesweeklytimes.com · tribunadepetropolis.com.br · www.tekedia.com
[● 3 SOURCES] The SEC stated that its investigation is in the fact-finding stage and has not concluded that ISS violated federal securities laws. losangelesweeklytimes.com · tribunadepetropolis.com.br · www.tekedia.com
[● 3 SOURCES] The SEC enforcement division issued a subpoena to ISS on July 21. losangelesweeklytimes.com · tribunadepetropolis.com.br · www.tekedia.com

Sources

SEC sues ISS as Trump admin ramps up scrutiny of proxy advisers [losangelesweeklytimes.com]

7 days ago

EUA: SEC vai à Justiça para obrigar ISS a cumprir intimação e entregar documentos | Tribuna de Petrópolis [tribunadepetropolis.com.br]

7 days ago

US regulator sues proxy-voting firm - Investment News NZ [investmentnews.co.nz]

7 days ago

SEC takes Institutional Shareholder Services to court over subpoena compliance [cryptobriefing.com]

8 days ago

U. S. SEC Sues Proxy Adviser ISS Over Subpoena as Trump Administration Intensifies Oversight [www.tekedia.com]

7 days ago